Cablevision profit grows as expenditures decline

DavidB. Wilkerson

CHICAGO (MarketWatch) -- Cable television operator Cablevision Systems posted a higher profit in the second quarter, partly due to results from regional sports networks classified as discontinued operations, as well as a sharp decrease in capital expenditures. Cablevision
CVC, +0.31%
said it earned $317.4 million, or $1.10 a share, compared with a profit of $14.6 million, or 5 cents a share, in the prior year. Results in the latest three months included $190 million in the discontinued operations of FSN Chicago, FSN Bay Area and Rainbow DBS. Capital expenditures dropped 18%, led by a reduction in consumer equipment costs. Revenue rose to $1.57 billion from $1.4 billion. Analysts polled by Thomson Financial were, on average, expecting revenue of $1.58 billion.

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